PALM DESERT, Calif. -- The general counsel for the advocacy group that represents the investment fund industry said Monday that financial transaction taxes would hurt ‘market efficiency’ and returns on stocks, bonds and other securities.

“Whatever proponents may say, it is crystal clear that financial transaction taxes harm investors and retirement savers,’’ said Karrie McMillan, general counsel of the Investment Company Institute, which represents managers of mutual funds and exchange-traded funds.

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